Flerie Ab · OMXSTO:FLERIE
Flerie Ab — Q1 2026 Earnings Presentation
17 slides from Flerie Ab's earnings presentation, Apr 15, 2026
Slide 1: Q1 2026 - report presentation
Q1 2026 - report presentation April 15, 2026 Ted Fjällman, Cecilia Stureborg von CEO Schéele, CFO
Slide 2: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Flerie AB publ (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral p
Slide 3: Flerie - A biotech and pharma investment company
OVERVIEW Flerie - A biotech and pharma investment company 25 A diversified portfolio portfolio companies Strong 5 5 network of syndicate MSEK 3,670 in preclinical in early clinical stage stage investors net asset value 9 6 83% in later clinical stage in commercial stage For every SEK in private comp
Slide 4: Successful financing to realise value
Successful financing to realise value Q1
Slide 5: Current net asset value and cash position
FLERIE Q1 2026 Current net asset value and cash position MSEK 3,670 MSEK 585 NET ASSET VALUE CASH & CASH EQUIVALENTS 41.90 SEK/share 6.68 SEK/share Top tier European investment To be invested to create further company with significant assets value in the current portfolio As of March 31, 2026. 5
Slide 6: Steady and significant R&D progress
PERFORMANCE IN Q1 2026 Steady and significant R&D progress Reported strong Phase 1/2 Dosed the first patients in a results in colorectal cancer human trial to evaluate the and began enrolling for a fully physiological effects of its funded Phase 2b trial in muscle sparing obesity drug. Australia and
Slide 7: Other significant news & value changes in the portfolio
PERFORMANCE IN Q1 2026 Other significant news & value changes in the portfolio Selected news flow during the quarter • Change: MSEK -20 • Lipum was selected for a EUR 8 million Horizon • Fair value: MSEK 59 Europe grant, strengthening its ability to progress • Share of NAV: 1.6% SOL-116 in rheumatoi
Slide 8: Flerie catalyses significant investments
PERFORMANCE IN Q1 2026 Flerie catalyses significant investments SEK 281 million SEK 98 million SEK 96 million (Flerie: SEK 31 million) (Flerie: SEK 50 million) (Flerie: SEK 30 million) Syndicating partners invested SEK 403 million alongside Flerie’s SEK 173 million Total portfolio ‘Investment Ratio’
Slide 9: Successful financing
FLERIE Q1 2026 Successful financing Flerie continuously optimises its capital structure to ensure efficient fundraising and capacity to drive co-investment on good terms. During Q1 this was achieved by: • Merger with Lipum and share sales, e.g. bringing in a new long-term investor into the top 10 ow
Slide 10: Details of financing
FLERIE Q1 2026 Details of financing Merger with Lipum: Directed new share issue: • The merger, completed March 20, 2026, absorbs • 2,187,051 new shares issued at SEK 34.75 (closing Lipum fully into Flerie. price on 24 Feb), raising SEK 76 million and creating a dilution of approx. 2.7% • Lipum is de
Slide 11: Q1 2026 in numbers
Q1 2026 in numbers Cecilia Stureborg von Schéele, CFO
Slide 12: Bonus issue & share redemption update
FLERIE Q1 2026 Bonus issue & share redemption update Share redemption programme ending • Since 2024, shareholders could annually convert shares to be redeemed 1:7 at NAV – allowing exit at NAV rather than the market price. Bonus issue ratio • At the AGM on March 26, it was resolved to discontinue th
Slide 13: Financial information in summary
PERFORMANCE IN Q1 2026 Financial information in summary NET ASSET VALUE/SHARE OVER TIME FAIR VALUE 60 MSEK 55 2,899 MSEK 50 2,620 45 SEK 40 35 30 Q1 Q2 25 Q3 25 Q1 26 Q4 25 Q2 2025 - Q1 2026 3,670 41.90 2,899 Q4 Q1 NAV NAV/SHARE FV Net asset value, MSEK Net asset value/share, SEK Fair value, MSEK Ch
Slide 14: Financial highlights per segment
PERFORMANCE IN Q1 2026 Financial highlights per segment Product Development Commercial Growth • Fair value: 2,269 (2,039) • Fair value: 630 (581) • Change in FV: -24 (-539) • Change in FV: -20 (15) • Investments: 452 (136) • Investments: 69 (37) • Divestments: -198 (-8) All numbers in SEK million. C
Slide 15: Concluding remarks
Concluding remarks Ted Fjällman, CEO
Slide 16: Difficult-to-access portfolio, diversified across stages
CURRENT PORTFOLIO STATUS Difficult-to-access portfolio, diversified across stages Preclinical Phase 1 Phase 2 Phase 3 / Pivotal stage Early commercialisation Commercial growth Development stage % of Total FV 8% 26% 35% 9% 14% 8% PRODUCT DEVELOPMENT COMMERCIAL GROWTH Source: Company information. Fair
Slide 17: Questions & Answers
Questions & Answers Q1 2026 Ted Fjällman Cecilia Stureborg von Schéele CEO CFO